What is Patent Trolling?
Patents exist to protect the rights of innovative creators and allow them to reap the benefits of their inventions. Unfortunately, a few choose to use patent protection as a means to make easy money through frivolous lawsuits. These companies specialize in obtaining patents and proceeding to use them as a basis for litigation against anyone who infringes upon their intellectual property.
Dangers of Patent Trolls
In 2013, President Obama publicly denounced patent trolls, saying they only use extortion and loopholes in the legal system to hijack somebody else’s idea. Once a patent troll acquires a new patent, the troll locates possible cases of infringement and mandates the infringing company pay for the idea. The company must then pay licensing fees, which can amount to tens of thousands of dollars, or face legal action. Aside from the monetary penalties that patent trolls bring, severe consequences can arise from patent trolls. The existence of patent trolls:
- Weakens patent protection
- Floods U.S. court systems with frivolous lawsuits
- Impedes innovation
- Wastes taxpayer money
The people patent trolls take advantage of are not necessarily small startups or individual inventors. In 2014, Apple claimed to face close to 100 patent infringement lawsuits in the past three years. No one is safe from predatory patent trolls, as their entire business model depends on extorting money from their victims.
Contact a Plano Intellectual Property Attorney
If you or someone you know was the victim of a patent troll, you do not have to fight these evil corporations alone. The attorneys at Gagnon, Peacock & Vereeke, P.C., understand how difficult punishing patents trolls can be. Our experienced lawyers are dedicated to upholding the sanctity of patent protection and the U.S. patent system. Contact our offices today at (214) 824-1414 to learn more about what we can do for you.